N&P offering new tracker mortgage

05 July 2006
Norwich and Peterborough Building Society (N&P) have announced they are offering a new tracker mortgage product.

The new home loan package comes with an interest rate that tracks the Bank of England base interest rate, plus 0.24 per cent for the entire term of the loan, available for up to 75 per cent of the total property value.

The minimum loan amount is £200,000, up to a maximum borrowing level of £2 million, and there is no charge for early repayment or monthly overpayments that can be offset later in the borrowing period.

"The [mortgage interest] rate is lower than many short-term variable rates available from other lenders - however, with our product, the borrower will benefit from an attractive rate for the term of their mortgage," said Richard Barker, product manager at N&P.

"As a regional, independent building society we continue to attract growing numbers of customers from other mortgage lenders," he added, noting that the lack of early repayment charges were an indication of this and an attractive bonus for customers.

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